I recently read articles on the Web about how the Canadian government has set up a task force whose mandate is to educate the Canadian public about properly handling their finances. I think this is long overdue. Wouldn’t it be great if high school students took a class as part of their curriculum that discusses the pros and cons of RRSPs, TFSAs, and overall basic budgeting skills? They could pass this information on to their parents!
It is sad but true that many Canadians just don’t have a clue about how to handle their finances. They spend more than they earn and then find themselves in a hole too deep for them to dig themselves out of. Many people learn very little from their parents about money so they have to learn on their own, sometimes going through some difficult financial situations in the process.
Although there are so many online resources and books that people can read in order to get guidance, I think that if this government task force implemented some solid educational tools that could be used in schools and at financial institutions, people would benefit greatly.
Instead of people blindly accepting the terms of their first mortgage, if banks had to educate clients on the ins and outs of what they were getting themselves into, clients would be more hesitant to buy homes they really couldn’t afford. If high school students learned how to budget as well as how to make the best of use an RRSP, they would be more likely to start saving for their retirement at a young age and they would know when and how much to start to save.
The problem is that we are so busy with everything else that we do that we fail to take the time to really learn and understand how to take care of our finances. It is surprising that we spend so much of our time working to earn money and yet we could care less about how we actually treat that money we work so hard for.
Let’s hope that Canadians begin to take more of an active interest in their financial situation and that they reach out for help and educate themselves so that we don’t end up in a financial mess. Let’s also hope that this government task force implements practical ways to get through to Canadians at a level that everyone can understand. After all, ignorance is certainly not bliss when it comes to handling money. If you take care of your money, it will be more likely to take care of you.
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